18/12/2009
Aon Risk Services (ARS) has announced that it will acquire FCC Global Insurance Services, the in-house captive brokerage subsidiary of Spanish construction conglomerate Fomento De Construcciones Y Contratas (FCC).
ARS will become the exclusive global insurance broker for FCC for a term of 10 years in a transaction that is expected to close by the end of the year.
"This acquisition strengthens the ARS position in both the construction and public services sectors in Europe," said Steve McGill, chairman and CEO of Aon Risk Services. "FCC is a large diversified international company with a substantial and complex risk profile.”
Rafael Esteban, CEO of Aon Spain said: "This agreement reinforces Aon Spain's preeminent position as the insurance broker with the largest capacity in providing risk management services to the construction, infrastructure and energy sectors."
"The fast worldwide expansion of FCC Group over the last five years means that half of FCC's revenues come from overseas,” said Baldomero Falcones, chairman and CEO of FCC.
“Increasing premiums, risk complexity and difficulty in locally providing adequate service helped us to decide to become partners with a leading specialist such as Aon.”
FCC is the second largest construction conglomerate in Spain and the 7th largest in Europe, specializing in infrastructure, environmental and related public services and operating in 54 countries with more than 94,000 staff.
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